The Lock-down, across the country to contain the spread of Novel Corona Virus, has led to a crunch of money for many of us. Closed shops, businesses and offices have badly affected the flow of money in the economy which has resulted in very limited money in our pockets. In such a situation, where this could be a common challenge for the most of us, Banks have come out with special personal loan schemes. We may find these helpful in solving our liquidity problem to some extent.
Though, there are a number of Banks, which have come out with special personal loan schemes for their customers, here I will be providing details of the schemes of some major Banks.
1. Bank of Baroda's - Baroda Personal Loan Covid 19
Bank of Baroda is one of the largest Public Sector Banks in India. It has launched Baroda Personal Loan Covid 19 scheme for its customers who need a personal loan to meet their liquidity mismatch because of the lock-down .
Who Can Apply
You can apply if you are an Existing Home Loan Borrowers, or if you have taken any Loan Against Property from the bank, or if you have taken a car loan from the Bank.
You should be at least six months old customer of the bank. Also, you should have paid at least three installments of your existing loan with the bank with all the installments till 29th February, 2020, paid within 30 days of their due dates.
What Amount You Can Get
Under Baroda Personal Loan Covid 19 scheme, the bank is offering personal loan up to Rs. 5.00 Lakh. Minimum amount that can be applied is as little as Rs. 25,000.00.
Rate of Interest And Processing Charge
The rate of interest quoted by the bank on Baroda Personal Loan Covid 19, at present, is 10.25% (BRLLR+SP+2.75%) per annum with monthly rest. It is linked with Repo Rate of the RBI and may change with change in Repo Rate.
Also bank is charging you a nominal processing fee of Rs. 500 + GST, which will be Rs. 590.00.
How to Apply
You can apply for this loan by submitting the Application Form provided by the bank. You can also download it from the link given below.
Where to Apply
You need to submit the application to the branch of the bank where your existing loan account is. For more details you can follow the link - Baroda Personal Loan Covid 19.
Other Personal Loans Under Covid 19 Scheme
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